We suggest a novel technique for the evaluation of the recombination coefficients corresponding to Shockley–Read–Hall, radiative, and Auger recombination that occur in InGaN/GaN-based light-emitting diodes (LEDs). This technique combines the measurement of the LED efficiency as a function of LED drive current with a small-signal time-resolved photoluminescence measurement of the differential carrier life time (DLT). Using the relationships between the efficiency and DLT following from the empirical ABC-model, one can evaluate all three recombination coefficients. The suggested technique is applied to a number of single- and multiple-quantum well LEDs to gain a deeper insight into the mechanisms ultimately limiting their efficiency.